Creating a business budget plan for emergencies

If you run a small business or side hustle, what would you do if an unexpected emergency impacted your business? These are times when it’s essential to have an emergency business budget plan already created and ready to go.

While COVID-19 is a stark reminder of the types of emergencies that can impact a business, natural disasters, employee or customer injuries, and other problems that can show up with little or no notice.

If you run a small business, follow these tips to understand how a business budget plan for emergencies works and how you can set one up for your business.

How to create a business budget plan for emergencies

While many people neglect the business budget plan, nearly every business should have an operating budget. This budget guides your business spending and helps you meet financial and profitability targets. Without a budget, it’s hard to know if you’re … Read more

Adapting your fitness business for social distancing

Personal trainers, gym owners and other health and fitness experts have been hit hard by the COVID-19 pandemic. The fitness business and social distancing guidelines are difficult to merge simply due to the high-touch nature of fitness centers. This makes them a higher-than-average health risk while the coronavirus is circulating. Accordingly, most gyms were quick to close, and very few have made plans to reopen at full capacity.

If you want to preserve your business — or continue building it — you’ll be glad to know there are many options available to you, as long as you’re willing to adapt. So how can you adapt your personal training or fitness business to accommodate social distancing and closed gyms?

Move your business online.

 

Let’s explore a few options.

Personal training online

Rather than meeting people in the gym, you can meet with them virtually, relaying video feeds and communicating … Read more